Moody’s Ratings cut its credit ratings on JPMorgan Chase, Bank of America and other banks on Monday, following a downgrade on the U.S. debt. The bank stocks are largely holding their ground as investors expected the news.

(Reuters) - Moody's on Monday downgraded the long-term ratings of top American lenders such as JPMorgan Chase, Bank of America and Wells Fargo, after pushing the U.S. out of top triple-A rating club over its burgeoning $36 trillion debt.

Moody’s Ratings cut its ratings for deposits at some of the biggest banks, including Bank of America Corp., JPMorgan Chase & Co., citing Friday’s downgrade of the U.S. and the government’s weakened ability to support the firms.